The increasing popularity of blockchain solutions is a key factor responsible for the burgeoning demand for blockchain devices across the world. “Blockchain technology and solutions are being increasingly incorporated by companies from multiple domains for enhancing security and strengthening their business processes and operations”.
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A blockchain is basically a decentralized digital public ledger that is used for recording transactions across multiple computers so that the information and data present in the record cannot be modified or removed without altering all the subsequent blocks and the overall network. One of the major sectors wherein the blockchain solutions are bring rapidly adopted is the banking, financial services, and insurance (BFSI) sector.
“According to many surveys, over 25% of all the organizations operating in the BFSI sector all over the world are currently using blockchain solutions and devices”. This is mainly because of the fact that the blockchain solutions mitigate the incidence of financial frauds and transaction errors and also significantly enhance the security and safety of the data, information, and money exchange processes.
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The increasing adoption of cryptocurrencies for digital transactions is another important factor fuelling the demand for blockchain devices. These currencies are basically digital currencies that are not regulated by any central authority. They become popular after the invention of Bitcoin. The absence of regulatory bodies increases the speed of transactions as well as eliminates the transfer fees charged by the banks. As a result, many corporate users in the BFSI sector and government offices are using cryptocurrencies for transactions.
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